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Japan revises down Q1 economic growth to 0.3% on q-o-q: govt

Thu, Jun 08, 2017 - 8:27 AM

Japan's economy grew less than initially thought in the first quarter of 2017, expanding 0.3 per cent from the previous quarter instead of the 0.5 per cent earlier estimated, revised data showed Thursday.

PHOTO: AFP

[TOKYO] Japan's economy grew less than initially thought in the first quarter of 2017, expanding 0.3 per cent from the previous quarter instead of the 0.5 per cent earlier estimated, revised data showed Thursday.

The latest figure was much less than market expectations for an upward revision to 0.6 per cent growth as growth in private residential investment was revised down.

The data still confirmed it was the fifth straight quarter of growth, and marked Japan's longest economic expansion in more than a decade.

The surprise cut in the GDP growth rate came after the International Monetary Fund and World Bank both recently lifted their projections for Japanese expansion.